This is one of the five largest funding rounds in the history of startups in Poland
Polish-born fintech Ramp has boasted another significant funding round: the company has managed to raise USD 70 million (more than PLN 330 million) from investors. The entity argues that this is the largest Series B in the history of domestic startups and one of the five largest funding rounds in Poland as a whole.
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Ramp was founded in 2018 by Szymon Sypniewicz and Przemek Kowalczyk. The fintech makes it easy to exchange fiat currencies (e.g. the zloty, euro or dollar) for cryptocurrencies. Thanks to the payment infrastructure developed by the startup, users from more than 150 countries can securely purchase digital currencies in a matter of minutes (crypto is purchased inside the app or directly on the website) using convenient payment methods. In Europe, these include bank transfer, payment cards or Apple Pay.
As recently as the end of last year, the fintech reported raising PLN 220 million from investors. In just over a year, the entity has thus secured funding of PLN 550 million. The latest funding round was led by the funds Mubadala Capital and Korelya Capital, with participation from Balderton Capital, as well as the Polish fund Cogito Capital Partners.
The company plans to use the acquired funds, among other things, to enlarge its offer with new products and expand into further markets. To this end, the fintech plans to extend its teams in Warsaw, Wrocław and London, among others, but also to work remotely. It is looking for programmers, data analysts or product designers. Today, the entity employs more than 200 people (the number of employees has increased sevenfold since 2021).
Ramp argues that its year-to-date turnover has increased by 240 per cent (compared to the same period in 2021). In turn, the total number of unique users using the fintech infrastructure on partners' websites and apps has increased by 600 per cent. And partners include GameStop, Sorare, Brave, Exodus, Trust Wallet, Axie Infinity and the Opera browser, among others.
Ramp was nominated for a Cashless Fintech award this year in the Fintech of the Year category.